There is nothing more stressful for an entrepreneur than a lack of revenue.

Maybe you set targets that just weren’t realistic, maybe you haven’t found enough leads, maybe your sales conversations aren’t closing deals, or maybe expenses have gotten out of control.

Whatever caused the situation you’re facing, you feel desperate to get out of it. You know it won’t be too long before bills come due, employees or contractors expect to get paid, or more expenses pop up.

Your stress and frustration is understandable, but there is something you can do about your lack of revenue. In fact, there are several options to increase revenue quickly, and today we’re going to talk about 5 of them and how you can implement a strategy to improve your business finances.

1. Get More Quality Leads

This is the most straightforward of the techniques, but that doesn’t mean it’s easy to do. It takes effort to find new prospects, particularly because not every lead turns into a paying customer. So you need to find more leads than the number of customers you need with the understanding that some will lose interest or take longer to convert.

Here are two strategies to get more quality leads:

• Use your social networks – in person and online. LinkedIn and Facebook can be great ways to find people you might have a connection with, but don’t forget good old fashioned networking events to meet new prospects too.
• Offer something for free. Give away complimentary calls as a means of reaching new prospects or offer a free report in exchange for an email address (with a follow up of course)!

2. Convert More Prospects into Customers

Turning prospects into customers is a numbers game, and in this game you want to score as many points as you can. If the percentage of leads that successfully convert increases, your sales efforts become more efficient and profitable.

How do you convert more prospects?

• Describe the benefits of your product or service in vivid details that will be irresistible.
• Ask your prospect about the problem they are trying to solve, acknowledge the challenge, and explain how your product or service addresses it.
• Be ready to hear objections in the sales conversation and know what to say to assuage prospects’ concerns.

3. Increase Sales Per Customer

This one applies to new and existing customers alike. If you have happy buyers, why not sell them more products? Depending on your type of business, this might mean duplicates of the same product, or different products that meet different needs. Here are a couple of examples:

• Let’s say you’re an accountant and you’re preparing taxes for a new client. Offer them a larger package that also provides accounting services for the rest of the year.
• If you sell jewelry, offer existing customers a small discount to buy new pieces in your line or even the same pieces they’ve previously purchased as gifts for friends and family.

4. Lower Your Costs

It might not seem like lowering costs is a strategy to increase revenue, but in fact, the less you are spending per sale, the more profit you’re earning.

Here are a couple of ideas to wisely lower costs:

• Decrease your customer acquisition rate, which is the cost it takes to get each new paying customer. Hone your promotional strategy to bring in more buyers for less money.
• Cut back on overhead in areas that aren’t going to affect your customer service experience. For instance, you might find that technology costs could be cut by switching to a free online service without disrupting anything for you or your customers.

5. Create a Referral System

You know that I’m a champion of referral systems for one reason: they work! A good referral is the best marketing and smartest use of your advertising dollars. Here are quick and easy tips for establishing an outstanding referral system:

• Let customers know you are looking for referrals and ask them to kindly give you one.
• Give customers an incentive to motivate them to send colleagues and friends your way.
• Make it easy for your customers by providing them with all of the information they will want to pass along on your behalf.

6. Bonus! Invest in Coaching

It might seem counter-intuitive to invest more money when you’re at a point where your revenue is stagnant, but that is a sign that you need the help of an experienced master in sales who can identify your specific area of struggle and create a plan to proactively address it.

That’s one of the ways my Celeste Giordano Coaching clients “Double Plus^TM” their incomes, often in a matter of months. Does your business need a fresh perspective to figure out how to boost revenue? Contact me today.

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Blueprint Magazine – Volume 4

“Celebrating Generations”

In this latest issue of The Blueprint, several articles focus on how you can smartly meet your professional and personal goals. Articles are written by authors spanning all generations, filled with knowledge to inspire and motivate you.

My hope is that The Blueprint inspires you in all aspects of your life – to grow your business, to prosper in your personal life and to serve the community and world around you.

Click here to subscribe for your free copy.

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Celeste Giordano’s mission is to help business owners develop the skills, knowledge and attitude necessary to “DoublePlus^TM” their income and become effective and inspirational leaders in their fields. Whether it’s taking your successful business to the next level or starting a new venture, she will teach you the exact skills and strategies you need to enroll more quality prospects, build a rock-solid team, and break through obstacles to achieve real profit and lasting success. Celeste is a professional business growth specialist, a master sales strategist, and dynamic speaker with 40 years experience in direct sales and managing high-performing teams.

To learn more about Celeste, click here.

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